USS Investment Management Ltd Has $8.96 Million Holdings in Public Storage (NYSE:PSA)

USS Investment Management Ltd decreased its holdings in Public Storage (NYSE:PSA - Free Report) by 18.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,949 shares of the real estate investment trust's stock after selling 6,600 shares during the period. USS Investment Management Ltd's holdings in Public Storage were worth $8,962,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PSA. Norges Bank bought a new position in shares of Public Storage in the fourth quarter valued at about $931,286,000. Northern Trust Corp grew its stake in Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after buying an additional 749,913 shares during the last quarter. Cohen & Steers Inc. raised its holdings in Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after acquiring an additional 592,944 shares during the period. Deutsche Bank AG lifted its position in Public Storage by 44.6% during the fourth quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock worth $421,538,000 after acquiring an additional 433,918 shares during the last quarter. Finally, Amundi boosted its holdings in shares of Public Storage by 54.0% during the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust's stock worth $230,426,000 after acquiring an additional 273,486 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Down 3.8%

PSA opened at $296.13 on Thursday. The stock has a market capitalization of $51.95 billion, a price-to-earnings ratio of 30.75, a P/E/G ratio of 4.91 and a beta of 0.91. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company has a 50-day simple moving average of $293.82 and a 200 day simple moving average of $305.26.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The firm's quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.03 EPS. Analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's dividend payout ratio is presently 119.17%.

Wall Street Analyst Weigh In

PSA has been the topic of a number of recent research reports. Royal Bank of Canada lowered their target price on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Mizuho started coverage on Public Storage in a research report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price objective on the stock. Evercore ISI boosted their target price on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research report on Friday, May 2nd. Bank of America raised their price target on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Public Storage has an average rating of "Moderate Buy" and a consensus price target of $337.42.

About Public Storage

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.

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